LIC's Jeevan Tarang
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| Launch Date | Table No. | UIN | Status |
| 7/3/2006 | 178 | 512N235V01 | Withdrawn |
About LIC Jeevan Tarang
- It is a whole-life policy in which one gets a life cover till 100 years or one is alive
- Policy accumulation term is fixed (10 or 15 or 20 years), wherein a person can pay premium till a specific period
- Flexible premium paying mode (single payment or monthly or quarterly or annually or semi-annually)
- The death cover continues after the policy accumulation term
- After the accumulation period an individual gets 51/2 % of Sum Assured every year on survival
How does this Plan work?
Under LIC Jeevan Tarang plan, an individual chooses an accumulation term (10 or 15 or 20) and pays premiums (single payment or monthly or quarterly or annually or semi-annually). After the accumulation period gets over the individual receives a lump sum of accrued bonus and also, gets 51/2 % of Sum assured every year as survival benefit till he turns 100 years old. If he survives till the age 100, then he will get sum assured and loyalty additions. If in-case he dies during the accumulation period, his nominee gets Sum assured and accrued bonus or in-case if he dies after the accumulation period, his nominee receives Sum assured and loyalty additions.
Let’s understand this by an example,
Consider,
Person’s age: 35
Accumulation term: 10 years
Premium paying term: Single Premium
Sum Assured: Rs.1 lakh
Consider, a 35 year old individual who pays a single premium of Rs. 75600/- and chooses an accumulation period of 10years. Once the accumulation period ends, he receives accrued bonus of approximately Rs. 88000 and also, he gets Rs 5500 (51/2 % of Sum assured) every year as survival benefit till he is 100 years old. If he survives till 100 years, he gets Rs 1 lakh and loyalty additions. Suppose if he doesn’t survive during the accumulation period, his nominee gets Rs. 1 lakh + accrued bonus, or if in-case on death of the insured after the accumulation period, his nominee receives Rs 1 lakh + loyalty additions.
Riders & Add On
Accidental Death and Disability Rider: In this rider the nominee/ family receives the sum assured after the insured’s accidental death or dismemberment or permanent disability.
COMPARE & BUY SIMILAR PLANS
Bonus History
Company Name : Life Insurance Corporation of India
Plan Name : Jeevan Tarang
| BonusYear | RevBonus | MinPT | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2.40% | 10 | ||||||||
| 2006 | 2.80% | 15 | ||||||||
| 2006 | 3.20% | 20 | ||||||||
| 2007 | 4.00% | 10 | ||||||||
| 2007 | 4.40% | 15 | ||||||||
| 2007 | 4.80% | 20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore
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